The technology industry is faced with many challenges due to rapid advancements – requiring companies to constantly innovate in order to stay ahead of the competition – including those in the digital compliance space.
Issues regarding data privacy and regulatory complexities pose problems the sector must navigate, to maintain trust and ensure the responsible use of technology, says the UK’s leading anti-money laundering and digital compliance software provider, SmartSearch. In this fast-paced environment, SmartSearch acknowledges the criticality of innovation in addressing such challenges and safeguarding against emerging risks.
The business recently appointed Jade Kirk, an Enterprise Business Development Manager who will be instrumental in leading the approach to innovation – developing new technologies and delivering enhanced solutions to benefit the sectors the company works closest with.
Jade has shared some of the biggest challenges currently impacting the industry and advice on how companies can stay ahead, touching on everything from cyber-security threats and talent retention, to AI ethics and ever-evolving regulations.
SmartSearch’s anti-money-laundering verification platform conducts individual and company-wide searches for UK and international markets.
Jade said: “With the increasing frequency and sophistication of cyber threats, cyber-security is a top concern. Companies should invest in robust security measures, regularly update their systems, conduct vulnerability assessments, and stay informed about emerging threats. Digital compliance software providers should prioritise strong encryption, multi-factor authentication, and regular security audits to protect sensitive user data.”
The economic climate and the ever-evolving regulations
“Firms must stay up-to-date with changing market needs and act fast when a crisis occurs – like the Russia-Ukraine War for example. SmartSearch has to constantly adapt its solutions to meet changing demands. The tech industry moves rapidly, and companies need to be agile in order to compete. This involves fostering a culture of innovation, encouraging creativity, embracing emerging technologies. We closely monitor regulatory developments and swiftly update our software solutions to address new compliance requirements, providing customers with the latest tools and capabilities.”
Talent acquisition and retention
“The tech industry faces intense competition for skilled professionals. Companies should invest in attracting top talent by offering competitive salaries, fostering a positive work culture, providing opportunities for growth and learning, and promoting diversity and inclusion. Digital compliance software providers should emphasise the importance of compliance expertise within their teams, ensuring they can effectively support customers in navigating complex regulatory landscapes.”
“As AI technologies become more prevalent, ensuring ethical and responsible use of AI is crucial. Companies should establish guidelines for AI development, deployment and usage to avoid bias, discrimination, and other ethical concerns. Digital compliance software providers can incorporate AI ethics frameworks into their software solutions, enabling organisations to assess and mitigate potential ethical risks.”
Costs and resources
“As anti-money laundering (AML) procedures get tighter, clients have to invest in more resources, and implementing robust AML solutions costs money. When using solutions like ours to protect their businesses, we have to help clients ensure the process is as seamless as possible to alleviate some of that burden. Our solution has to continuously get better, this means more money and resources are required from us too, because we have to implement and build solutions in the most efficient way possible, so our clients get maximum benefit.”
Lack of data or data privacy
“To comply with AML procedures and be confident in the results, it’s imperative that multiple data sources are used. At SmartSearch we aggregate multiple data sources for every solution we offer, and we’ll continue to strengthen our data as we evolve, it’s core to what we do. Digital compliance software providers like SmartSearch can offer features like data encryption, user consent management, and privacy impact assessments to assist organisations in meeting compliance requirements. The industry must address concerns about data privacy and security, ensuring that the software itself complies with stringent privacy regulations and safeguards sensitive information effectively.
“By proactively addressing these challenges, tech companies can position themselves as industry leaders and ensure they remain ahead of the game in a rapidly changing landscape.”
SmartSearch is the only organisation in the UK able to verify here and abroad in a single platform via a browser or API, with full sanction, PEP and adverse media screening – plus ongoing monitoring.
Jade also commented on the steps SmartSearch is taking to this affect: “Our approach to innovation is driven by listening to our clients and prospects, understanding their needs, and developing tech solutions to address their challenges. We recently launched an enhanced platform that has been instrumental in winning major opportunities. Stagnation is not an option in our industry.
“Our software, SmartSearch, sets itself apart by focusing on providing exceptional customer care, reflected in our numerous testimonials and high client retention rate. We differentiate ourselves by mitigating risk through dual-sourcing partners for each solution we offer, a critical aspect for our clients’ peace of mind.”